Friday, July 2, 2010

Homeowner tax breaks to get now

Ask Ida

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Dear Ida B. Green,

I understand there's a tax credit for home energy projects. What does it cover?

Signed,

Overtaxed

Dear Overtaxed,

If you've been looking to make energy improvements to your home, now is the time. Federal tax credits are available at 30 percent of the cost of the improvements (up to $1,500) for several efficiency upgrades only through the end of this year. Improvements included for credit are:

· Windows and doors (sliding glass doors, garage doors, storm doors and storm windows)

· Insulation

· Roofs (metal and asphalt)

· HVAC: central air conditioners, air source heat pumps, furnaces and boilers

· Water heaters: gas, oil and propane water heaters, electric heat-pump water heaters

· Biomass stoves

Beyond these conservation improvements, a credit of 30 percent of purchase cost for the addition of alternative energy systems will be available through 2016 with no upper limits. This credit includes geothermal heat pumps, solar panels, solar water heaters and small wind-energy systems. Check out www.energystar.gov/ and click on "tax credits" for details.

Your home energy improvements could also qualify for local grants or low-interest loans in the coming year, so check at your city hall or county office to find out more about their programs and ask about local ordinances that may specify placement and design of equipment to be considered.

Keep it Green,

Ida

—Elizabeth Jeffrey

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